(a) JK Ltd. produces a product "AZE", which passes through two processes, viz., process I and process. II. The output of each process is treated as the raw material of the next process to which it is transferred and output of the second process is transferred to finished stock. The following data related to December, 2007: Process I Process II 25,000 units introduced at a cost of Rs. 2,00,000 Material consumed Rs. 1,92,000 Rs 96,020 Direct labour Rs 2,24,000 Rs 1,28,000 Manufacturing expenses Rs. 1,40,000 Rs 60,000 Normal wastage of input 10% 10% Scrap value of normal wastage (per unit) Rs. 9.90 Rs 8.60 Output in Units 22,000 20,000 Required: Prepare Process I and Process II account. (b) Give business examples of Normal loss, Abnormal loss and Abnormal gains in manufacturing process. (10+5=15 Marks)